In terms of Regulation 30 of the SEBI (LODR) Regulations, 2015, we wish to inform you that in pursuance to review and recommendation by Audit Committee of the Company the. Board of Directors ....
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Sterling Greenwoods Limited submitted its audited financial results for the quarter and year ended 31st March 2025, with the board approving them on 6th June 2025. The statutory auditor (Keyur Bavishi & Co.) issued a Qualified Opinion on both standalone and consolidated results, citing that the company's accounting software's edit log facility is not fully implemented with maker-checker controls, and that impairment of certain Resort assets has not been ascertained, with the financial impact being unquantifiable. The auditor also highlighted several Emphasis of Matter items, including ongoing SEBI/BSE inquiries on FY2009-10 land/asset transfers, pending NCLT and civil court cases, an FIR against a former resort manager for misappropriation of Rs. 17.55 lakhs, and outstanding GST liabilities of Rs. 16.20 lakhs. On the financial side, standalone revenue fell sharply to Rs. 144.95 lakhs in FY25 from Rs. 249.56 lakhs in FY24 (a ~42% decline), though the company narrowed its FY25 loss to Rs. 88.08 lakhs (standalone) and Rs. 89.60 lakhs (consolidated) compared to Rs. 183.60 lakhs and Rs. 187.03 lakhs losses in FY24, respectively. The Real Estate segment returned to a small segment profit of Rs. 12.51 lakhs in FY25 from a Rs. 92.21 lakhs loss in FY24.
Shareholders should note that the auditor has flagged a qualified opinion, meaning some financial statements items cannot be fully verified, and multiple legal/regulatory matters remain unresolved, adding uncertainty. The company continues to post annual losses, revenue is declining, debt-equity is elevated at 1.30x, and current ratio is weak at 0.39, all of which are concerns. The narrower losses and Real Estate segment turnaround are positive, but the cumulative overhang of qualified audit, subjudice cases, and weak liquidity may keep the stock under pressure.